Is it too easy to be qualified to give advice?

Giving someone advice on their life savings should be taken very seriously, and there is some concern in the industry that the level of qualifications required are not high enough.... The tongue in cheek article Raising the Bar on Planner Qualifications by Michael Dale (Money Manegement.com.au) really made me laugh!

The financial services industry commonly refers to this as PS 146, and to legally work as a financial planner one is required to become PS 146 compliant.

There is no shortage of providers offering PS 146 compliant courses, their duration ranges from two days to three months. I guess it was one of the two-day courses that my future son in law’s friend completed.

A weekend course! Considering that in years to come we will be expected to live off our savings.......

At YourShare we are a no advice service. We believe that to be an exceptional financial adviser, you need to understand every clients individual needs like they were your own, and the choice and complexity of products is huge. Our focus is on those clients who make their own financial decisions and we facilitate you taking control of your future. And getting cashback......

Comments

[PS146]

True. Being a financial advisor requires you minimum education standard as required by the Australian Securities and Investments Commission - something everyone should take seriously before giving "general" or "personal" advice to someone.